ISE Publishes Updated Constituent Free Float Data Following Scheduled Quarterly Review ISEQ Index
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www.davy.ie Bloomberg: DAVY<GO> Research: +353 1 6148997 Institutional Equity Sales: +353 1 6792816 Davy Research March 14, 2011 Jenny Campbell Flash Note: Index analysis [email protected] / +353 1 6149153 ISEQ free floats updated ISE publishes updated constituent free float data following scheduled quarterly review ISEQ index 3600 3400 3200 Q1 sees little change to existing free floats 3000 • The Irish Stock Exchange (ISE) has published updated free 2800 floats following the scheduled Q1 quarterly review. The 2600 calculation date was February 28th. The changes will be 2400 applied to the ISE indices after close of business on Friday Mar 10 Apr 10 May 10 Jun 10 Jul 10 Aug 10 Sep 10 Oct 10 Nov 10 Dec 10 Jan 11 Feb 11 Mar 11 Source: Datastream March 18th to take effect from the opening of markets on Monday March 21st. • In total, 18 constituents see upward revisions to their free float, nine down and 24 unchanged. The majority of the changes are small in nature and reflect minor capital adjustments (to numbers of shares etc.). The impact of these changes is small with overall pro-forma weights little changed (see accompanying table on next page). • Smurfit Kappa Group sees the biggest change to its index weight. Its weight will increase from circa 2.5% to 3.0% as its free float is adjusted up to 65.08% from 53.58%. This change occurs following the placing of 25m shares on behalf of Smurfit Kappa Feeder G.P. Limited and Madison Dearborn Capital Partners in February. • Other companies seeing significant increases to free float are: Aer Lingus 41.14% (previously 29.42%), Conroy Gold & Natural Resources 59.18% (previously 41.99%) and Karelian Diamond Resources 41.48% (previously 30.20%). Zamano sees the biggest decrease in free float from 48.72% to 39.43%. • The ISE further announced that that there would be no changes to the ISEQ 20 and that Aer Lingus will leave the ISE small cap index. • The next calculation of free floats will take place on the last trading day of May with adjustments applied after close of markets on the third Friday in June. Please refer to important disclosures at the end of this report. Davy is regulated by the Central Bank of Ireland and is a member of the Irish Stock Exchange, the London Stock Exchange and Euronext. Davy is authorised by the Central Bank of Ireland and regulated by the Financial Services Authority for the conduct of business in the UK. All prices as of close of previous trading day unless otherwise indicated. For the attention of US clients of Davy Securities, this third-party research report has been produced by our affiliate, J & E Davy. Flash Note: ISEQ free floats updated March 14, 2011 Table 1: Change in free floats; pro-forma weights Instrument Existing free float Existing free float New free float Change in free Pro-forma weight Change in weight weight (%) float Abbey 58.59% 0.18% 56.06% -2.53% 0.17% -0.01% Aer Lingus 29.42% 0.34% 41.14% 11.72% 0.47% 0.13% AGI Therapeutics 54.20% 0.00% 54.20% 0.00% 0.00% 0.00% Allied Irish Banks 50.10% 0.51% 50.10% 0.00% 0.51% 0.00% Aminex 87.68% 0.17% 88.09% 0.41% 0.17% 0.00% ARYZTA 98.21% 6.97% 98.67% 0.46% 6.96% -0.02% Balmoral International Land 39.22% 0.01% 39.22% 0.00% 0.01% 0.00% Bank of Ireland 63.73% 2.55% 63.73% 0.00% 2.53% -0.02% C&C 94.91% 2.71% 94.92% 0.01% 2.69% -0.02% CPL Resources 58.66% 0.15% 58.66% 0.00% 0.15% 0.00% Conroy Gold & Natural Resources 41.99% 0.01% 59.18% 17.19% 0.02% 0.01% CRH 99.56% 27.11% 99.56% 0.00% 26.92% -0.19% Datalex 49.68% 0.02% 50.52% 0.84% 0.02% 0.00% DCC 99.24% 4.74% 99.24% 0.00% 4.71% -0.03% Donegal Creameries 92.57% 0.10% 92.57% 0.00% 0.10% 0.00% Dragon Oil 48.52% 4.23% 48.56% 0.04% 4.21% -0.03% Elan 81.47% 5.69% 81.51% 0.04% 5.65% -0.04% FBD Holdings 64.82% 0.41% 64.82% 0.00% 0.41% 0.00% First Derivatives 33.98% 0.07% 34.83% 0.85% 0.08% 0.00% Fyffes 86.52% 0.29% 86.52% 0.00% 0.29% 0.00% Glanbia 44.92% 1.36% 44.97% 0.05% 1.35% -0.01% Grafton 88.75% 1.78% 88.76% 0.01% 1.77% -0.01% Greencore 99.99% 0.61% 99.99% 0.00% 0.60% 0.00% ICON 96.70% 2.16% 96.70% 0.00% 2.15% -0.02% IFG 67.71% 0.28% 67.52% -0.19% 0.28% 0.00% Independent News & Media 64.90% 0.53% 64.90% 0.00% 0.53% 0.00% Irish Continental 58.70% 0.65% 58.70% 0.00% 0.65% 0.00% Irish Life & Permanent 98.65% 0.55% 98.75% 0.10% 0.54% 0.00% Karelian Diamond Resources 30.20% 0.00% 41.48% 11.28% 0.00% 0.00% Kenmare Resources 98.53% 2.70% 98.47% -0.06% 2.68% -0.02% Kerry 76.09% 9.12% 76.07% -0.02% 9.05% -0.07% Kingspan 75.01% 1.97% 75.03% 0.02% 1.96% -0.01% Merrion Pharmaceuticals 39.00% 0.04% 40.10% 1.10% 0.04% 0.00% Origin Enterprises 24.95% 0.33% 24.95% 0.00% 0.33% 0.00% Ormonde Mining 95.70% 0.09% 95.70% 0.00% 0.09% 0.00% Ovoca Gold 54.82% 0.04% 54.82% 0.00% 0.04% 0.00% Paddy Power 85.56% 3.11% 85.39% -0.17% 3.09% -0.03% Petroceltic 99.47% 0.70% 99.50% 0.03% 0.69% 0.00% Petroneft 87.21% 0.59% 87.20% -0.01% 0.59% 0.00% Prime Active Capital 58.40% 0.00% 55.40% -3.00% 0.00% 0.00% Providence Resources 69.61% 0.20% 69.61% 0.00% 0.20% 0.00% Readymix 38.75% 0.02% 38.75% 0.00% 0.02% 0.00% Ryanair Holdings 95.33% 12.16% 95.33% 0.00% 12.07% -0.09% Siteserv 64.80% 0.01% 64.10% -0.70% 0.01% 0.00% Smurfit Kappa Group 53.58% 2.51% 65.08% 11.50% 3.02% 0.52% Total Produce 86.15% 0.32% 86.15% 0.00% 0.32% 0.00% TVC Holdings 74.00% 0.15% 74.00% 0.00% 0.15% 0.00% United Drug 98.00% 1.43% 98.08% 0.08% 1.42% -0.01% UTV 60.55% 0.24% 60.55% 0.00% 0.24% 0.00% Worldspreads 75.00% 0.04% 75.00% 0.00% 0.04% 0.00% Zamano 48.72% 0.01% 39.43% -9.29% 0.00% 0.00% Source: ISE; Davy 2 Davy Research Important disclosures Analyst certification I, Jenny Campbell hereby certify that: (1) the views expressed in this research report accurately reflect my personal views about any or all of the subject securities or issuers referred to in this report and (2) no part of my compensation was, is or will be, directly or indirectly, related to the specific recommendation or views expressed in this report. 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